After a multi-billion dollar fundraise in a pandemic year, Reliance Industries is lining up online furniture brand Urban Ladder and milk delivery platform Milkbasket for acquisitions as the company looks to strengthen its e-commerce play. The oil-to-telecoms conglomerate's talks with Urban Ladder are at an advanced stage, TOI reported, citing sources.
Urban Ladder counts Ratan Tata, Sequoia, Steadview Capital, SAIF Partners and Kalaari Capital as investors. It swung to profit in 2018-19. Launched by Ashish Goel and Rajiv Srivatsa in July 2012, the online furniture company aims to provide a curated destination for home solutions, to help the urban Indians build well-furnished, beautiful homes.
People close to discussion pegged the deal at around $30 million including further infusion in the business and earn-out for the management team.
Similarly, Milkbasket is also reportedly inching close to RIL after its discussions with Amazon and Bigbasket failed to fructify. According to the TOI report, the recent capital infusion of $5 million has given the company a new lease of life and is negotiating over the valuation of the company. The news comes as the COVID-19 pandemic forces many Indians indoors, spurring a wave of online shopping, including for daily groceries such as milk.
Apart from the two companies, the Mukesh Ambani led conglomerate is also in talks to acquire e-pharmacy startups like Netmeds and lingerie retainer Zivame as it aims to consolidate with Future Retail.
